The United States and China are set to give more detail on Monday about progress made during a weekend of marathon in Geneva, Switzerland by officials from the world’s two largest economies.

Washington played up progress toward a “deal” on Sunday after the talks concluded, while Beijing touted mutual agreement to begin a formal economic and trade negotiation process. The Chinese delegation told a press conference the two sides planned to finalize the details of the “consultation mechanism” as soon as possible and would release a joint statement Monday.

Global investors are cheering a thaw in the trade war sparked by US President Donald Trump’s massive tariffs, which have roiled global markets, disrupted supply chains and stoked recession fears. Dow futures jumped about 1%, while S&P 500 futures rose 1.3%, and the tech-heavy Nasdaq Composite futures went up 1.7% on Sunday night. Asian markets were higher during Monday trading.